Last week the GBPUSD fired off a Pin bar reversal on the daily chart. The Pin Bar had formed against the recent up-trend however it was formed at major resistance. Once price broke the low of the Pin Bar we had a little stalling before price finally broke lower and began it's rotation lower.
We will now be looking to see if we can get some obvious Price Action that tips us of to the up-trend continuing, or if this move is part of a new trend lower.
Support for this pair comes in around 1.6060 where price is now sitting.
GBPUSD DAILY CHART – 4 OCTOBER 2012